10Mortgages under the Land Titles Act 1980 or the Registration of Deeds Act 1935

10 Mortgages under the Land Titles Act 1980 or the Registration of Deeds Act 1935

(1)  On a sale of a TDA home mortgage under section 6 , the Minister must provide the Recorder of Titles with a certificate specifying the purchaser and the land subject to the mortgage.

(2)  Where a mortgage in land under the Land Titles Act 1980 is, by virtue of a sale under section 6 of this Act, vested in the purchaser, the purchaser is, notwithstanding any provision of that Act to the contrary, taken to be the registered proprietor of that mortgage and may deal with it accordingly.

(3)  The Recorder of Titles may register a dealing relating to a mortgage in land referred to in subsection (2) , executed by the purchaser, if the dealing is in a registrable form, notwithstanding that the purchaser is not recorded as the registered proprietor of that mortgage in the Register kept under the Land Titles Act 1980 .

(4)  Where a mortgage in land to which the Registration of Deeds Act 1935 applies is, by virtue of a sale under section 6 of this Act, vested in the purchaser, a dealing relating to that estate or interest may, if executed by the purchaser and if otherwise in a registrable form, be registered by the Recorder of Titles, notwithstanding that no dealing formally vesting that mortgage in the purchaser has been registered under that Act.